Wuhan, which attracted the most attention at the start of the COVID-19 pandemic, has pledged to create a 100 billion yuan ($15.7 billion) space industry by 2025 and become China’s “valley of satellites”, which will support the region’s development. Other cities with allegations of ,
It is offering cash incentives to enterprises worth up to 50 million yuan ($7.88 million) for projects involving the construction of satellites, rockets and spacecraft, according to a notice from the Wuhan city government this week. However, such a financial push shows that China is ramping up its efforts to become a significant space power by 2030.
China wants a huge commercial satellite conglomerate that can provide services ranging from high-speed Internet for aircraft to tracking coal shipments. According to reports, the Wuhan Municipal Administration will encourage companies to adopt locally sourced equipment, software and services.
A company can receive a financial incentive of up to 15 million yuan if it uses local goods in more than 10 percent of the production of high-orbit and low-orbit satellites as well as spacecraft, compared to 50 million yuan. Will get till If local produce is more than 30 percent.
Last year, the technical metropolis of Shenzhen in southern Guangdong province provided up to 300 million yuan in incentives for any initiatives related to satellite development and use of related industry. In the southern island province of Hainan, China is also planning a new commercial spaceport. China is building its fifth rocket launch station in the eastern port city of Ningbo in Zhejiang province.
However, it is worth noting that in recent years, China has attempted to support the development of the commercial aerospace industry through the market by increasing government purchases of spacecraft, improving infrastructure construction, and strengthening military-civilian integration. A series of policies have been implemented with the aim of -oriented tools.
According to the China Astronautics Association for Quality, China’s commercial aerospace industry experienced exponential growth from 2015 to 2020, with market size growing from 376.4 billion yuan ($59.09 billion) to 1.02 trillion yuan ($160.13 billion), up from 22.04. at a compound growth rate. Percent.
The estimate was based on several satellite constellation designs sketched in 2020, which call for the launch of more than 3,000 commercial satellites weighing 400 tonnes during the next five years. By 2025, based on a single launch by Long March-3B worth $70 million, the market is projected to exceed $210 billion.
read all breaking news , today’s fresh news And Ukraine-Russia War Live Updates Here.